PartyGaming Fantastic Third Quarter
2010 has been a bumper year for PartyGaming. The operator saw a rise of 9% in its revenue for the third quarter in comparison to the previous year. This has been corroborated by non-executive chairman Simon Duffy of the merged Party/Bwin Company.
PartyGaming said in its interim statement that its group revenue increased from €78.3m in Q3 2009 to €85.3m in Q3 2010. This indicates a significant growth across all sectors except for poker. Revenue of Sportsbetting is on the up as well by 86% to €5.4m (2009: €2.9m) thanks to a fantastic World Cup. Revenue for Bingo increased by 36% to €13.1m during the third quarter in comparison to €9.6m for the same period the previous year, thanks to the purchase of Cashcade.
The third quarter saw a decline in Poker revenue from 5% to €29.6m in comparison to €31.3m in 2009 the main reason for this is the severe competition it faces from poker sites situated within the US market. PartyGaming is satisfied with its overall performance in the French market and the amount of daily poker players have increased consistently since the sites inception.
CEO, Jim Ryan said: “Our overall revenue is up by 9% on a yearly basis indicating growth across all spheres of our magnificent gaming network, except for poker, irrespective of closing down of French casino business at the end of June 2010. Apart from the French casino, our revenue in total would have increased by 12% every year”
“What motivates us even further is the fantastic start our nascent French poker network had to date since it opened in July 2010. PartyPoker’s performance has been further augmented in France by the introduction of PMU’s poker business services for AB Group and Aviation Club de France.
“The proposed merger with Bwin is still on the cards and should be concluded in the first quarter of 2011, to top this I’m also very happy that Simon Duffy has agreed to join our Group as chairman, further augmenting our fantastic competence base”.
The flamboyant sixty year-old Duffy was executive chairman from 2007 to 2008 of central and eastern European internet vendor Tradus. Preceding Tradus, he also served as executive vice chairman of ntl: Telewest, now Virgin Media Group, having previously been president, chief executive and chief operating officer of ntl Inc, a Nasdaq-listed company that became the major component of VMG.
Preceding ntl he was chief financial officer of Orange SA, chief executive of wireless data company in Denmark. He joined End2End from Netherlands-based internet service provider WorldOnline International BV, where he was chief executive and deputy chairman. He was also part of the EMI Group for duration of eight years where he held positions of group finance director and deputy chairman.[addtoany]